The cryptocurrency trading industry has welcomed more Blockchain networks to the space that continue to develop each and every day. Ecosystems like Solana (SOL) and Ethereum (ETH) have taken strides in 2021 to grapple with new initiatives such as smart contracts and oracles with their native cryptoassets powering their respective networks. For example, participants can buy Ethereum tokens to use decentralised applications and features like mining NFTs or playing blockchain games within the ecosystem.
Smart contract technology has been a key implementation in various blockchains in their perpetual race to employ new use cases. The technology is used in transactions to provide both parties with confidence that once the conditions of the contract are met, the transaction will be executed automatically. Oracles support smart contracts by supplying the databases with external information, with one decentralised oracle service set to make its highly anticipated debut on the Ethereum network this Friday.
The Umbrella Network is an oracle service that boasts cost-effective, secure, and scalable solutions for smart contracts, a trilemma that has proven to be a testing feat for other protocols. The Network provides cross-chain transactions for a multitude of smart contract enabled networks including the Binance Smart Chain (BSC). The oracle supports a bridge between the two network giants of ETH and BSC. The Umbrella Network is also said to support staking and yield farming options through their cross-chain bridge.
Aside from its launch with Ethereum, the oracle has announced plans to integrate with other popular blockchains, namely Polygon (MATIC), Solana (SOL), Avalanche (AVAX) and Cardano (ADA). Despite the Umbrella Networks’ ambitions, there is yet to be a public release date in the form of a roadmap or timeframe, which is typical of other projects.
As previously mentioned, the Umbrella Network has described its protocol as the faster and more cost-effective oracle platform on the market. On the Ethereum Network, the oracle system had given support for over 1200 data pairings. The data pairings allow participants to combine information with an array of cryptoassets and traditional financial markets.
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